The year 2025 has begun with many notable movements in the cryptocurrency field. Not only is there the development of Bitcoin but also the explosion of altcoins. Recently, one of the most prominent events was Cango's (CANG) surprising entry into the Bitcoin mining sector, a Chinese automotive finance company. This company acquired 32 exahashes per second (EH/s) from Bitmain for 256 million USD and plans to issue shares worth 144 million USD to purchase an additional 18 EH/s. With this expansion, Cango is on track to become one of the largest Bitcoin mining companies in the world.
Cango's move has created a shock in the market, causing their stock price to soar more than 362% to 4.56 USD per share. This not only reflects investor interest but also the company's long-term diversification strategy, from the automotive finance sector to high-tech industries. Currently, Cango is collaborating with Bitmain to ensure smooth mining operations, and when fully operational, this company will contribute approximately 6% to the global Bitcoin computing power.
However, it is not only significant development and opportunities that the cryptocurrency market is witnessing; it is also seeing a troubling trend of increasing cryptocurrency-related crime. Kidnappings and extortion targeting cryptocurrency traders are becoming more common. A notable case occurred in France, where a kidnapping took place when the perpetrator demanded ransom from the son of a prominent figure in the cryptocurrency field in Dubai. In Pakistan, a trader was forced to transfer 340,000 USD before being released.
These events indicate that while cryptocurrency is opening up great prospects, it also presents many challenges that need to be addressed. Ransomware has defrauded over 1.1 billion USD in cryptocurrency in 2023, highlighting a complex and challenging picture for the digital finance industry. This requires regulators and the community to implement better protective measures to safeguard user interests.
